Scots short of rainy day savings

A FIFTH of Scots have no savings to fall back on and another 8 per cent have less than £249 set aside as a safety net, new research has found.

The recommended minimum in rainy day savings is three months, but 28 per cent of Scots have less than 249, the equivalent of five days' average take home pay, according to a report by HSBC.

It said 41 per cent of Scots aged between 25 and 34 have less than 249 in savings and a quarter have no money set aside at all, raising new debt concerns ahead of an expected surge in unemployment. But only 12 per cent of Scots think they would struggle to pay their mortgage, rent or other bills if they were unable to work. Three in ten said they would seek government support in the event of redundancy while a fifth would rely on their partner to cover the bills.